The American Bankers Association commissioned a poll showing 57% of U.S. adults believe Congress should block crypto platforms from offering stablecoin yield if it threatens community lending, according to survey results reviewed by CoinDesk on June 3.
Morning Consult polled 2,000 U.S. adults with a 2% margin of error. The survey supports the ABA’s opposition to stablecoin yield provisions in the Digital Asset Market Clarity Act, which the banking industry argues would siphon deposits from interest-bearing bank accounts.
Rob Nichols, ABA President and CEO, said in a statement: “As lawmakers consider creating a regulatory framework for stablecoin and other digital assets, they need to know that Americans don’t want them to put in place rules that undermine lending and economic growth.”
Under the Clarity Act as currently drafted, crypto platforms cannot offer yield on static stablecoin holdings but may establish rewards programs for active token use. The Senate Banking Committee has already advanced a compromise version that must be merged with a similar bill from the Senate Agriculture Committee before a final vote.
Banking groups are seeking last-minute changes to the stablecoin sections with limited weeks remaining in the Senate calendar. The ABA’s polling effort marks an escalation in the industry’s push against yield provisions ahead of those negotiations.
Crypto Industry Pushback
The Blockchain Association is countering the ABA’s messaging. A letter signed by 160 former law enforcement, national security, and intelligence community members backed by the Blockchain Association supports final passage of the Clarity Act. The group plans Senate office visits on an unspecified Wednesday to press for approval.
The ABA survey’s findings carry methodological questions. The poll’s questions were worded with assumptions that stablecoins pose risks to banking and lending, framing cited as a potential source of bias. The survey also showed internal contradictions: 30% of respondents said they are likely to buy or use digital assets in the next year, and 24% said stablecoins and crypto could provide “meaningful benefits” to the financial system.
Current digital asset ownership stands at 17% among the surveyed population. A separate CoinDesk poll found 65% of respondents trusted banks more than crypto for financial inclusion, while 5% trusted crypto more than banks. That same poll showed 52% believed digital assets were more than a passing fad.
Regulatory Timeline
The Clarity Act aims to establish the first comprehensive federal framework for digital asset regulation. The crypto industry is pushing for final passage and counters banking sector concerns about crypto’s use in illicit finance and criminality.
The ABA did not specify which banking groups are joining its lobbying effort or detail the exact changes it is seeking beyond yield restrictions. The Senate Banking Committee’s compromise version remains pending merger with the Agriculture Committee bill before floor consideration.
